How 1.5m UK households could be hit by sudden spike in heating oil prices | The IndependentNotifications can be managed in browser preferences.Jump to contentIndependentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleAlbert TothThursday 05 March 2026 09:03 GMTOil surges after Iran strikes – what next for petrol prices and money?Heating oil prices in the UK have surged by up to £100 in the past week, significantly impacting around 1.5 million households, especially in Northern Ireland where 62.5 per cent of homes rely on it.The price increase is primarily attributed to the escalating conflict in the Middle East, including recent strikes on Iran and threats to the crucial Strait of Hormuz shipping channel.Local businesses, such as Andy's Oil in County Armagh, are struggling, with owner Andy Douglas reporting operating at a loss due to sudden supplier price increases and customer panic buying.Unlike regulated grid-supplied electricity and gas, home heating oil prices are not subject to an energy price cap, leaving consumers vulnerable to volatile global market fluctuations.Irish Labour Party spokesperson George Lawlor TD has accused importers of 'price gouging' and called for a maximum price order, while the Consumer Council NI anticipates further price increases.In full‘I lost £1000 in a day’: Heating oil price spike leaves households and suppliers out of pocketThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in